What if I don’t know where to find my federal tax return?
If you just can’t find your tax return, you can find your AGI in two ways:
Method 1: Go to the IRS’ Get Transcript portal and choose Get Transcript Online. You will need your social security number, date of birth, filing status, and mailing address from your last tax return. You also need to access your email; your account number from a credit card, mortgage, mortgage, line of credit, or car loan; and a cell phone with your name on the bill. Once your identity is verified, select the Tax Return Transcript and only use the Adjusted Gross Income line break. You can view or print your data here.
Method 2: If you do not have internet access or the necessary identity verification documents, you can use the Get Transcript portal and choose Receive Transcript by Email or call 1-800-908-9946 to request a copy of the tax return. It will take about five to 10 days to be delivered to you.
Will my AGI affect my family members?
If your AGI qualifies you for an incentive check and you are claiming dependents on your taxes, you can expect your final incentive payment to include money for your family members, who are not eligible to claim a stimulus check for themselves.
The total amount you could get for each dependent has not yet been decided. The latest White House proposal would give $1,000 per dependent child, while two previous proposals earmarked $500 per dependent, regardless of age. Another bill wanted to bring in $1,200 per dependent, with a maximum of three.
For more information, see if you qualified for a second stimulus check and when you might expect a second stimulus check. If you still haven’t received your first incentive payment, you can track the status of your stimulus check, learn how to report your missing check to the IRS, and find possible reasons why your stimulus check still isn’t received.
How your AGI affects your family members
Along with the third stimulus check, your AGI is the most important qualification for getting money or not, due to a change in the rules and formula used by the IRS to calculate your total payment. If your AGI exceeds the limit, you will not receive a check. If it falls below $80,000 for certain taxpayers (this is just an example), you will receive a full or partial check for up to $1,400 per dependent of any age you claim.
Your AGI is also critical in your qualifying for the child discount. As with stimulus checks, your total will decrease on a sliding scale if you earn a certain amount in 2021.
Your AGI has changed on your taxes for 2020. What does this mean?
Since your AGI is calculated based on all your sources of income for the year, it can fluctuate based on a wide variety of factors, including whether you got a raise or lost a job; if you sold a house, received a bonus or received an inheritance; or if you have lost or gained money on the stock market.
Your income eligibility for a third stimulus check is based on either your taxes for 2019 or 2020 — which the IRS recorded more recently. If the tax office owes you more, you get a “plus-up” payment If you earned more in 2020 than you did in 2019, but the IRS uses your return for 2019 (and gives you more incentive money than what you may be eligible for), you don’t have to. return that money
For the Child Discount 2021, how much money you earn depends on the age of your dependent child and your AGI – you will receive less money per child if you have earned a certain amount in 2020.